Brent Oil Technical Analysis: Key 61.8% Fib hurdle crossed
Brent oil has pulled back from the five-month high of $74.28 hit earlier today, but the price is still holding well above $72.80, which is the 61.8 percent Fibonacci retracement of the drop from the October highs to December lows.
As of writing, Brent is changing hands at $73.78 per barrel, representing a 2.57 percent gain on the day, with the 14-day relative strength index (RSI) at 76.08 – the highest levels since October. simply, brent is most overbought in five months.
Short below 75.00 with target 73.00 &72.45 in extension
Long above 75.00 with 76.00 target
EUR/JPY Technical Analysis: 100-day SMA limits immediate declines, 50% Fibo. caps nearby advances
The EUR/JPY pair is on the rounds near 125.80 during early Monday.
In a case gradually recovery 14-day relative strength index (RSI) fuels the pair beyond 125.90 adjacent upside barrier, 126.20 and a downward sloping trend-line from March 01 at 126.80 can please the buyers.
However, Bulls ability to cross 126.80 on a daily closing basis could escalate the recovery towards 127.50/60 resistance-confluence comprising 200-day SMA and 61.8% Fibonacci retracement level.
Meanwhile, a downside break of 125.70 figure including 100-day SMA highlights the importance of an ascending trend-line that connects January low to March low at 125.00
Long above 125.90 with 126.80 &127.50 in extension
Short below 125.70 with 125.00 target
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